Starting an online business seems just the right thing to do these days. The accelerated and continuous growth of the online environment has brought about a new attitude towards economy, which has radically changed the perception regarding the way people consider starting an online business over a traditional one. Just like large companies such as Amazon and Ebay that have achieved the monopoly in their domains of activation, many entrepreneurs dream to enter the online environment and launch in a great and profitable adventure by starting their own online business.
Is it the right time to start an online business?
If you happen to be one of those enthusiast entrepreneurs who are ready to grab the bull by the horns, we have good news and bad news for you. The good news is that the online market is widely open for you and if you feel like starting an online business, if you feel like you have the ‘Big Idea’ that will bring you lots of success, then you should wait no more! Even former Apple evangelist Guy Kawasaki stated in one of his interviews:
“It is cheaper than ever to start a company. People are free or cheap because of the recession. Marketing is free or cheap because of social media. You don’t really buy servers anymore…the tools are all open source. Basically, everything is free. If there was ever a time to start a company, this is it".
All this is good news. There might be one problem, though. The online environment is a complex operating ground that includes dealing with many new issues like search engine optimization, online legislation, e-commerce, payment gateways, and so many other unfamiliar terms and tools that could give you cold feet. There won’t be a physical company that you see and touch, your clients and employees will be sitting in a virtual world and you’ll never be able to meet with all of them in person. So before starting an online business you’ll have to consider all these facts and understand the implications of a virtual business.
What does it mean to start an online business?
A new online business may include different kinds of activities, different means of communication, and different ways of promotion, but you’ll be surprised to learn that it’s actually the same as starting an offline business. You’ll also need a realistic business plan for this and an actual strategic plan to make thinks work properly.
Starting an online business doesn’t mean things get done by themselves or that you can do whatever you believe it’s good and the business will grow instantly. There is a reason why entrepreneurs create business cases with realistic strategies, goals, objectives, and tactics. Here at Joy Group, we have met many people trying to start an online business and not succeed. This was because they didn’t have a realistic business case and they were thinking that starting a small website or a webshop was all they needed to do. Well, there is more than that: you need to settle marketing strategies and goals; you need to think about your new company’s branding, about further innovation, and so much more.
As we see it, new entrepreneurs have two main options for starting an online business. Let’s say you have an idea for a new webshop. You can either start like a beginner, with small goals, by just renting a webshop for a small fee a month and growing with your webshop organically. If you choose this option, you need to be aware that you’ll have to achieve by yourself a lot of new skills and knowledge that could support you on this road. This is because you won’t afford to hire professionals so you’ll need to be the one responsible for managing and executing all the tasks.
Or you can start like a professional, with larger budgets and goals. With a larger business capital you build your online business website, hire marketing professionals and get your social media strategy developed. Starting a webshop or any other type of online business is not as easy as it seems. This is why a thoughtful business plan is a necessity and we highly recommend that you take it into consideration before starting an online business.
Here at Joy Group we have helped many entrepreneurs get started with their online businesses on a clear and thorough business case that could only attract success. We can do the same for you and we can analyze together your business plan and process it through our knowledge and experience. We can also help you with your marketing and social media strategy by creating outstanding social accounts that would create an online community around your online business and attract more people to your products. You don’t need to be alone in this because starting a new online business can be tough and overwhelming. Choose to start your online business like a professional and contact us to help you become a complete entrepreneur.